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The EUR/USD pair trades in the 1.1870 region, recovering from an intraday low of 1.1861, and shows bullish potential amid the persistent dollar’s weakness, Valeria Bednarik, Chief Analyst at FXStreet, reports.

The ECB could start reducing its bond purchases during the summer

“The shared currency found support in comments from Robert Holzmann, Austria central bank Governor, as he said that the European Central Bank might be able to start reducing its bond purchases during the summer.”

“US Initial Jobless Claims for the week ended April 2 resulted at 744K worse than the 680K expected and the previous 728K.   Later today, US Federal Reserve chief Jerome Powell is due to participate in a panel discussion about the global economy at a virtual International Monetary Fund Seminar.”

“EUR/USD is mildly bullish in the near-term. At this point, the EUR/USD pair needs to advance beyond 1.1915 to gain bullish traction.”